Stock Sold on loss

[NEel01]

I had only purchased one stock in 2020 that to sold on loss which is in very low amount so do I have to show that on my taxes? No income from that stock so have to show on my taxes?

[RayW7]

You don't pay taxes on stock losses, but you do have to report all stock transactions, both losses and gains, on IRS Form 8949

If you receive a 1099-B from your broker just enter the information in TurboTax.

Failure to include transactions, even if they were losses, might raise concerns with the IRS.

-follow these link(s) for additional information-

Guide to Schedule D: Capital Gains and Losses - TurboTax ...

Form 8949, Sales and Other Dispositions of Capital Assets

[NCperson]

you actually get a tax deduction for that loss, so it is in your best interest to post it on your tax return.... you can deduct up to $3000 of losses per year and if you have more than $3000 of losses, the rest will carry over to next year and then next year, etc. until it is all used up.

[NEel01]

Thanks for your quick reply Sir,

Can you please suggest me that can I do this on free edition of TurboTax? And if not, then what edition is perfect for this situation as I only have 1099 form which shows only that one transaction and loss. 

I am a newbie in this so don't know. 

Thank you for your help!

[NCperson]

@NEel01 -  how much did you lose, if it is a very small amount, it may not be worth it 

[NEel01]

@NCperson It is loss of $6.26 only...

[NCperson]

forget it; don't bother with it.  if you are in a 12% tax bracket, it'll save you a big  75 cents! 

[NEel01]

@NCperson So if I don't include that on my tax that will be good right?

And this won't bother in my tax or get any obstacles?